Wealthy Angelenos are trading their sprawling mansions for deluxe apartments in the sky.These days, Los Angeles developers are betting big on a flashy class of multimillion-dollar residences. Towering new condos are positioned to draw buyers away from the city’s traditional stock of hilltop mansions and the biggest names in ultra-luxury hospitality, like Rosewood, Aman and Mandarin Oriental, are in on the action.A mammoth project underway across 17.5 acres of Beverly Hills sits at the trend’s bleeding edge. The $10 billion mixed-use campus, called One Beverly Hills, is a joint venture developed by Cain International and Alagem Capital Group, in partnership with OKO Group
One Beverly Hills will span 17.5 acres with branded condo towers, open space with botanical gardens, high-end retail and more.A rendering of an Aman-branded condo at One Beverly Hills.
Courtesy of Aman
The sprawling acreage of residential, commercial and retail investments notably includes two Aman-branded condo towers 28 and 31 stories high. Homes there range from 2,550-square-foot apartments to 25,000-square-foot penthouses, and their prices match the project’s ambitionThe cost of calling this bubble of luxury home currently starts at a cool $20 million.
“We feel like we’re developing the equivalent of single-family estates, albeit in a high-rise structure,” Larry Green, the managing director of Cain Development, told The Post.
The site of the $10 billion One Beverly Hills development, pictured in late 2025.
A rendering of the future site, slated to open before the 2028 Olympics.
This all comes as the national condo market appears to be entering a cooling phase. Condo prices are currently down 3.5% year-over-year and on their 27 consecutive month of decline, according to Realtor.com data shared with The Post. In Los Angeles, however, that doesn’t seem to matter at least, not at the tippy-top.
Construction on the two Aman-branded towers is underway this year, and one tower is already approaching $1 billion in sales, according to Green. He expects the first tower to be fully subscribed by year’s end.Green and his colleagues are banking on buyers leaving behind their Los Angeles estates in favor of the literal high life. For decades, the peak of Los Angeles luxury was land, and lots of it, but managing that land comes at increasing expense and effort.
Coldwell Banker’s Christopher Choo told The Post that a close friend recently traded in her 14-acre Beverly Hills estate for a $14 million condo. She wanted to downsize, he said, but she also wanted turnkey.Wealthy buyers are more interested in leaving behind the burdens of estate ownership, like staffing, security and maintenance, Choo said. For some, it has enough appeal to shell out HOA fees ranging from $8,000 to $18,000 or more, Homes.com reported.
The Rosewood Residences, launched last year, advertises estate-level condos in Beverly Hills.
A staff of 21 serves just 17 residences — some of which feature private pools.
The trophy buildings favored by such buyers are engineered for a lock-and-leave lifestyle.
The new Rosewood Residences development in Beverly Hills has so far proved the success of the model. The building, developed by Nahla Capital and GPI Companies, features just 17 residences across five stories, served by a hefty staff of 21. Residences range from 3,000 to 7,000 square feet, with double-island kitchens and expansive outdoor spaces. Six of the units even have their own private pools. Pricing runs from $10 million up to $45 million for a penthouse. “Our kitchens feel like a 10,000-square-foot house,” said Tomer Fridman, who leads sales at Rosewood Residences alongside Sally Forster Jones. Fridman said the development team went so far as to redraw its floor plans to fully satisfy buyer demand for estate alternatives.
The entryway to a Rosewood penthouse.A window-lined dining area.
The large kitchens feature double islands.
As for demand for luxury condo living, it’s certainly there.In 2025, there were roughly 20 condo sales above $10 million in Los Angeles County. Rosewood accounted for nine of them. The final deal of 2025, residence 2F, sold for $16.3 million, or $4,000 per square foot. For other buyers, the calculation goes beyond convenience. Michael Nourmand, head of the brokerage Nourmand & Associates, said taxes may be a quiet driver of the trend. For wealthy homeowners who sought primary residences elsewhere as California taxes climbed, a condo is an attractive landing pad in LA. “I do think that for a lot of people, it becomes more attractive to buy in a fancy branded, full-service building where you can fly into LA for a month during the summer, have a great time, do your work, enjoy the weather and then go wherever you want,” Nourmand said.
Security is another consideration. Choo said that even during COVID-19, young buyers gravitated toward luxury condos for a greater sense of safety. The wildfires in January 2025, he said, also accelerated demand. The addition of hotel brands help tip a development’s scales from luxury to ultra-luxury pricing, with buyers paying a premium for hotel-like services and a trusted name to call home.
“You work with a brand or a company because there’s an expectation, a service level, a quality,” Nourmand said. “You could make your own coffee at home, but you go to Starbucks because you feel like the brand delivers in terms of the quality and the experience.”
The market that’s welcomed Rosewood Residences and One Beverly Hills didn’t exist 15 years ago. The Century, which opened in 2010 in Century City, is widely credited with proving that multimillion-dollar condos were a viable investment in LA. The Century was framed as the city’s first-ever “vertical estate,” and made headlines with eye-watering prices and celeb buyers like the late Matthew Perry and Rihanna.
Two years before the Century even opened, Candy Spelling famously dropped $35 million on a two-story penthouse there then the most expensive condo purchase in LA history. The Century’s success defied the surrounding market, which was still recovering from the 2008 housing crash.What followed was a decade of growing appetites, compounded by skyrocketing wealth among the 1%. The Sun Rose Residences in West Hollywood, which recently rebranded from The Pendry Residences under new ownership, rolled out 40 ultra-luxury, record-setting condos in 2020. Its relative success seemed to promise that the branded model could work outside of Beverly Hills.The Century Plaza Complex in Century City followed in 2021. Developers Woodridge Capital Partners paved the way for 63 hotel-serviced residences in the Fairmont Hotel, plus the twin Park Elm condo towers that rise 44 stories next door.
Poolside at Mandarin Oriental Beverly Hills, which relaunched sales this year.
Today, Los Angeles ranks third nationally in million-dollar condo listings, with roughly 1,700 actively on the market, according to Realtor.com data. The condo market’s luxury threshold, or the entry point for the top 10% of units, sits at $1.63 million well below New York’s $3.48 million and slightly under Miami’s $1.69 million.
The LA high-end condo market’s velocity truly sets it apart. While luxury condos in Miami and New York sit on the market for around 100 days on average, Los Angeles listings move in just 48. The supply constraints are real, but the build-and-they-will-come approach has its risks, and a brand name over the entryway does not guarantee survival.The Century Plaza Complex, despite its popularity, fell to foreclosure and into the hands of new ownership, the Reuben Brothers, after pandemic-related construction delays and rate hikes left Woodridge Capital Partners’ debt load underwater.
A spacious living room at the Mandarin Oriental.
Optimist Consulting
A marble-lined bathroom.
Optimist Consulting
The Mandarin Oriental Residences in Beverly Hills opened to fanfare in 2024. The project itself, however, was in financial straits as recently as last year, after the struggling developer Michael Shvo defaulted on around $200 million in debt.
The branded residences were recently relaunched quite successfully under the helm of Centurion Real Estate Partners. Beverly Hill’s Mandarin Oriental Residences recently snagged the city’s priciest per-square-foot deal this year with the sale of its $13.25 million penthouse.“Beyond the usual empty nesters and downsizing demographic, we have seen many buyers who are looking for the added safety, security and service offered at a luxury branded residence like the Mandarin Oriental Residences Beverly Hills,” Penelope Stipanovich, the development’s sales director, told The Post in a statement. “For many it’s less about scaling down and more about upgrading to a lifestyle that offers peace of mind along with full-service amenities.”
Nourmand, from his point of view, believes a saturation point may be on the horizon.“I think maybe one or two of the buildings will be a home run,” Nourmand said. “But I wouldn’t be surprised if one or two of the buildings just takes years to sell.”
Despite recent condo successes, Los Angeles remains a horizontal city.
Nationally, the median time on market for million-dollar condos has risen to 87 days, according to Realtor.com data, up from 79 a year ago.“There are people that, yes, money is of no consequence, but for most people, money is at least of some consequence” Nourmand said.Nearly all of the 20 biggest condo sales in Los Angeles last year closed below asking price, according to Homes.com data.
